Stock Futures Point to Fresh Records for Major Indexes
01 Diciembre 2020 - 6:33AM
Noticias Dow Jones
By Anna Hirtenstein
U.S. stock futures rose Tuesday, suggesting that the major
indexes may notch fresh records after the market opens.
Futures linked to the S&P 500 climbed over 1%, signaling
that the broad market gauge is likely to erase its muted losses
from Monday and extend the November rally. The S&P 500 ended
last week at an all-time high last week, its 26th for this
year.
Contracts tied to the technology-heavy Nasdaq-100 index rose
0.9%, while Dow Jones Industrial Average futures gained 1.1%.
Investors' sentiment has been buoyed in recent weeks by the
development of Covid-19 vaccines, which could curtail infection
levels and let social and business activity return to pre-pandemic
levels.
"The mood of the market is rather optimistic," said Eric
Barthalon, global head of capital markets research at Allianz. "For
the time being, markets have bought the news that vaccines are
going to be rolled out earlier than expected."
Policy makers such as Federal Reserve Chairman Jerome Powell are
paying more attention to potential hurdles in widespread
distribution of the vaccines, and other challenges before the
economy returns to normal, Mr. Barthalon said.
Mr. Powell, in testimony prepared for delivery at a
congressional hearing Tuesday, said the Fed's actions to backstop
credit markets this past spring had unlocked almost $2 trillion to
support businesses, cities and states. He is scheduled to testify
before Congress at 10 a.m. ET. Investors are likely to be watching
for further insights into the pace and strength of the economic
recovery when he takes questions from lawmakers.
Treasury Secretary Steven Mnuchin is also expected to
testify.
"Officials seem to be paying much more attention to the
implementation risks than markets," Mr. Barthalon said. "There is
clearly a contrast between market expectations and officials'
expectations."
Ahead of the market open, shares in Zoom Video Communications
dropped almost 8%. The videoconferencing company on Monday signaled
that higher sales in recent months has come with higher costs,
disappointing investors.
Surveys of purchasing managers in the U.S., scheduled for
release
starting at 9:45 a.m. ET, are expected to show continued growth in the manufacturing sector in November.
A report on construction spending, due at 10 a.m., is expected
to show it rose at a faster pace in October, echoing broader
strength in the housing market.
The U.S. dollar continued to weaken against a basket of
currencies, with the WSJ Dollar Index sliding 0.2% and hovering
near its lowest in more than two years.
In bond markets, the yield on the benchmark 10-year Treasury
note edged up to 0.860%, from 0.845% on Monday.
Overseas, the pan-continental Stoxx Europe 600 rose 0.9%.
Surveys on manufacturing activity in many major European economies
on Tuesday showed a broad continued expansion in the eurozone.
"The manufacturing sector is one part of the European economy
that is actually managing to retain some degree of resilience,"
said Michael Hewson, a chief markets analyst at CMC Markets.
"Ultimately it is encouraging, but it doesn't tell us much about
the more vulnerable sectors of the economy like services."
The U.K. was one of the best performing stock markets in Europe,
with the FTSE 100 index rising almost 2%.
Among European equities, UniCredit retreated almost 7% in Italy
after Chief Executive Officer Jean Pierre Mustier said he would
step down in April following a disagreement on strategic direction
with the board.
In Asia, most major benchmarks rose by the close of trading. The
Shanghai Composite Index added 1.8%, Hong Kong's Hang Seng advanced
0.9% and Japan's Nikkei 225 climbed 1.3%.
A private gauge of manufacturing activity in China showed that
it hit its highest level in a decade in November, signaling a
strong recovery in the world's second-largest economy.
Write to Anna Hirtenstein at anna.hirtenstein@wsj.com
(END) Dow Jones Newswires
December 01, 2020 07:18 ET (12:18 GMT)
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